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CFPB Publishes 2024 Consumer Response Annual Report

The Consumer Financial Protection Bureau (CFPB) recently published its 2024 Consumer Response Annual Report.

The executive summary includes:

  • Pursuant to the Consumer Financial Protection Act of 2010, this annual report analyzes complaints submitted by consumers in 2024. During this period, the Consumer Financial Protection Bureau (CFPB) sent more than 2.8 million complaints to more than 3,600 companies for review and response.
  • The CFPB received complaints from all 50 states with the greatest number of complaints per capita coming from consumers in Florida, Georgia, the District of Columbia, Delaware, and Nevada.
  • Consistent with recent years, complaints about credit and consumer reporting accounted for 85% of complaints received. Most of these complaints were submitted about the nationwide consumer reporting agencies—Equifax, Experian, and TransUnion. In these complaints, consumers described problems with incorrect information on their reports and improper use of their reports. In response, companies reported providing relief, such as making updates to the consumer’s report, in response to more than half of these complaints.

For More Information

For more information, email Heather Line.

Access the ‘Compliance Hotline’

Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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